California lawmakers and opponents of Proposition 40 have been quoted suggesting that the proposed billionaire wealth tax could eventually be broadened to include ordinary residents. A fact check confirms that the 2024 ballot initiative limits the tax to individuals with a net worth exceeding one billion dollars.
Opponents contend that such a measure could create a pathway for future wealth taxes on everyday Californians. The language of Proposition 40, however, contains no provisions that would expand the tax beyond the billion‑plus threshold.
As written, the initiative remains focused solely on high‑net‑worth individuals, and there is no indication in the approved text of an intent to apply it to the broader population.